Industrial retailer HD Supply Holdings said on Tuesday it would sell its Maryland Heights-based waterworks unit to private equity firm Clayton, Dubilier & Rice for $2.5 billion in cash to reduce debt and streamline its operations.
A company spokesperson said that following the sale, the waterworks division is expected to “be a standalone business and operate as its own company and stay headquartered in St. Louis.”
HD Supply is one of the largest industrial distributors in North America.
The spokesperson said the Maryland Heights headquarters employs 110 people, with an additional 48 workers at three area branch locations. The divestment will allow HD Supply to trim down some of its long-term debt of $3.86 billion as of January.